Trading volume Bitcoin SV far surpassed the top 3 coins in XRP – despite being removed by exchanges like Binance, the price reached a new all-time high of $414
Bitcoin SV (BSV), the 128MB Bitcoin fork, has climbed its way into the spotlight in recent weeks as it managed to climb into the top five about market capitalization, further, up more than double its value in a single day. However, the impressive moves from the Bitcoin Cash hard fork have been met with suspicion – especially regarding its trading volume.
Aside from the rapid price increase (and subsequent landfill) that saw it trade at $161 a week ago, reached a new all-time high of $414 on Jan. 14, and then drop to $243 in less than seven days, the volume Bitcoin SV has been interesting to note.
As Tiger Thông pointed out on Twitter, Bitcoin SV’s trading volume has far surpassed the top three coins in XRP – despite being canceled by exchanges like Binance.
BSV has more volume than a top three coin in XRP despite being censored by most major exchanges. pic.twitter.com/WDr1rP9sJo
— Tiger Thông (@tigerthong1102) January 21, 2020
On the other hand, as BitMEX Research, Bitcoin SV has just endured a non-consensus chain split.
BSV awakened with strange transactions
The trading volume of Bitcoin SV, not an easy coin to find on most exchanges, has been extremely high since its price started skyrocketing early last week. In fact, at one stage, the trading volume in a day almost reached the entire market capitalization.
As the volume also spiked with the price, the impressive volume seen from Bitcoin SV guarantees a deeper inspection – with some people calling it to wash trading. Moreover, Vin Armani, a cryptocurrency entrepreneur, claimed that one of Bitcoin SV’s biggest proponents engineered the pump with a sophisticated wash trading scheme involving Bitcoin Cash mining.
Removal of Bitcoin SV from some important exchanges
The removal of Bitcoin SV from some important exchanges makes it hard to believe there is such a healthy and vibrant market for this coin. In contrast, according to another crypto commentator, these delistings seem to make pumping and volume control easier.
This pump was in no small part possible exactly because BSV was delisted from most major exchanges. Much easier to pump shitcoin on 3rd rate exchanges with low liquidity. #UnintendedConsequences
— Joe007 [I identify as proto-bitcoin whale] (@J0E007) January 15, 2020
By volume, all may not be so – as Bitcoin SV’s public delisting by Binance, which led to its CEO actively encouraging others to remove the coin, possibly as part of a show. DanDarkPill, the cryptocurrency industry analyst, pointed out the altcoin continues to trade on Binance JEX.
dafuq is this @cz_binance? pic.twitter.com/OFqqc9dX5Q
— dark pill (@DanDarkPill) January 15, 2020
The true nature of Bitcoin SV’s trading volume can’t be accurately deciphered as the measurement of such a metric is still shrouded in much mystery. Fake volumes have been a scourge on the crypto space for some time now as even the SEC has weighed in with a report that claims as much as 95% is faked.
“Genesis” hard fork expected to be activated on Feb 4
On Jan 20, it reported that Bitcoin SV’s “Genesis” hard fork is expected to be activated on February 4. Per the proponents of the contentious Bitcoin offshoot, this move is supposed to unlock the full potential of Bitcoin the scaling power. It believed by the BSV community that this fork will bring Bitcoin back to its original roots.
According to that, by bringing Satoshi’s design into Bitcoin SV, the Genesis hard fork is a historic moment in Bitcoin’s journey to becoming the world’s peer-to-peer electronic cash system and enterprise blockchain that can power everything. The Internet birthed a world where everything can be ‘online’; Bitcoin can now – through Bitcoin SV – allow a world where everything can be ‘on-chain’.
The lawsuit of Wright v.Kleiman
Besides, Craig Wright, one of the more famous of the many people to claim to be Satoshi Nakamoto and authors of Bitcoin’s 2008 whitepaper, continues to confident that he can control 99.9999 and a few more 9s percent certain of his BTC and whatever else.
From Feb 2018, Wright has been locked in a court battle with the estate of David Kleiman, his deceased former partner. The lawsuit rounds on a fortune of a million Bitcoin — worth about $8 billion at press time.
Therefore, whether or not Wright has access to this property is a key point of this lawsuit. This was most demonstrated in major price fluctuations for the Bitcoin SV as said above advertised by Wright, which dropped by 18% on Jan 18 when it was believed that the document Wright submitted to the court contained the keys, but Only public keys, about private keys, he maintains, remain in the hands of trust.
The complicated scenario of Kleiman v. Wright’s case was followed by extreme chaos in Bitcoin SV price. Wright dismissed the theme of the current market, calling it essentially the revival of every stupid thing that happened.
- Bitcoin SV And Bitcoin Cash Continue To Face Down After The Community Was “Toyed” By Craig Wright
- Bitcoin SV Price Has Surpassed Binance Coin, How Long Will BSV Maintain This Momentum?